The HOLY GRAIL

Good article. eye opening.

Magic indicator or indicators? No thanks, I only need an EA!

I think anyone who is making a few hundreds % every year has found his/her holy grail.

" MAN KNOW THYSELF "
Beginning of a great thread.

Interesting article. It's hard for most people to stick to something that loses several time in a row. So we must keep searching for the grail because it will make us invincible from the pain of losing...

the holy grail is simply time. once you have a positive expectancy system (there are many, many posted on this board) a trader just needs to do the work and wait. The unfortunate fact is most people got into trading by the idea of getting rich over night. People are willing to do to almost anything to make a system work, except wait

Ah shucks, guess i can't blam any more losses on my momma wearing combat boots, or the sun coming through the window and blinding my eyes?

Well the good news is i will have so much more space on my hard drive by deleting all those thousands of MT4 indicators.

grin
Thom

I keep all my indicators as well as downloading new one for historical purposes. The holy grail will pop out of that folder one day when I find the right combination!

I make my own indicators. is that good or bad?

It depends on how good or bad they are.

Wow - one can really go batty reading all these posts. It's great that so many people are searching for the method of methods, one that is sure to get us rich. There are certainly successful strategies out there, but my experience is that it's the psychology and money management that needs to be mastered - regardless of method. And that is not to say that we should try to be emotion-less (that is impossible unless you are Mr. Spock - and even he was half-human). I think the key is to be extremely insightful and aware of how your emotions affect your actions and vice-versa.

That being said, I've been thinking a lot about various strategy philosophies, and I am pretty sure that the way to go is finding a solid trend on a retracement, and grabbing a very small piece of the pie - in and out. The key, I think, is in the limit %, not # of pips. About a year ago, usig Noah's 10-pip method, I limited 95% of the time over a period of sic months trading the cable and the biggest take per trade was 10 pips. My acct. tripled in that time.

But I am not using the software I used then, and market conditions seem to have changed. I am learning technicals and I am looking for the strongest/best/simplest indicators of three types: trend, momentum, and predictive.

Any feedback is appreciated.
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Just wondering, how often would Noah's 10 pip system create trades?

Have you read the james16 chart thread on this forum. Price action is, was, and always will be the holy grail of trading.

All the best,

Michael

I was getting 2 - 4 trades a week.

I also have not been able to find a concise definition of "price action." Most references to it seem to mention candles. Maybe it's just me, but the charts on the thread you recommended seem extremely complex. Not that I'm naive and think that there's an easy way to do this, but in general, I am with the KISS camp. Again, I'm looking for the strongest/simplest/best trend indicator, momentum indicator, and predictive indicator.

PipRipper,
Matching highs, matching lows, bearish engulfing, bullish engulfing, its all price action. There's much more there too.
I suggest you actually read the thread properly.

This is the thread:

http://www.forexfactory.com/forexfor...1&page=1&pp=15

If all you saw were pin bars, then you must not have seen the whole thread from start to end. Price action is about looking for likely direction of the next several bars based upon an analyis of recent bar/candlestick patterns, pivot points, fib levels, and trendlines. It is often referred to as "trading naked", as it does not require the use of any lower panel indicators or oscillators.

Oh, and regarding pin bars - if one were to simply practice over and over trading pin bars off of daily and even weekly charts, then they would likely be more profitable than probably 99% of everyone else out there trying to follow the latest & greatest system.

All the best,

Michael

Ooops, I meant the Holy Grill...

Just a little Monday morning humor for ya!

Have a good week everyone.

Dude I have that grill.

It worked fine last night as you can see!!!!

Excuse my ignorance but what is that stuff in the middle, never mind the bright red things at the top?

Looks good though.